This estimate of $80 billion is as on today's prices and without any transmission lines
India would need around $80 billion to set up renewable energy plants up to the year 2022, Economic Survey 2018-19 estimates.
This estimate of $80 billion is as on today's prices and without any transmission lines. Hence, the actual investment will be more than what has been presented in the Economic Survey 2018-19.
From the next eight years starting 2023 (up to 2030), an investment of around $250 billion would be required.
"Thus, on an annualised basis, investment opportunity for over $30 billion per year is expected to come up for the next decade and beyond," it said. In India, the share of renewable energy in generating power has increased from 6% in 2014-15 to 10% in 2018-19. However, as it has always been, coal remains the largest source of electricity generation not only in India but also across the global.
Almost 60% of India's installed capacity is in thermal power out of which the main component is the coal based thermal power plants.
With India having signed the Paris Agreement wherein it is bound to reduce dependency on non-fossil fuels for power generation. Thus, India will have to achieve 40% of installed power generation capacity from non-fossil fuels by 2030.
Despite accounting for 18% of the world's population, India uses only around 6% of the world's primary energy, thereby the country lagging behind significantly in energy usage. According to the survey tabled in the parliament on Thursday, energy poverty in India has been more pervasive than income poverty.
Hence, India will have to increase its per capita energy consumption to get rid of this energy poverty.
"India has great potential for hydro power generation. However, the utilisation of hydro power for meeting the power generation needs have been limited. India has a hydro potential of around 1,45,320 mw, out of which 45,400 mw have been utilised. As we move towards greater energy requirements in the future, this source of energy, which is climate friendly compared to traditional sources of power, can play a major role," the Survey said.
High tariffs in this segment have been a major deterrent. In the recent past, a new policy pertaining to hydro power generation has been approved by categorising them as renewable energy.
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 "Renewable energy")
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